Key highlights from budget 2014. For sure, the government is pro-entrepreneur friendly and has announced several measures to promote entrepreneurship in the country.
Ofcourse, for the first time we have seen words like startups, accelerators and incubators being mentioned in the budget speech. India definitely has come a long way!!
#Budget2014 : It’s Entrepreneurial
Startup programme for rural youth in India with Rs 100-crore allocation.
Easier legal bankruptcy framework for exits. [NextBigWhat : A BRILLIANT move. Will help experiments, though we still don’t know the definition of ‘easier’]
Nationwide incubation and acceleration infrastructure for startups.
10,000 crore fund to provide equity and soft loans for startups [though we think there are better ways to fuel entreprenuership in the country].
100 crore allocated for rural entrepreneurship.
200cr to encourage #startups by youth of SC/ST.
Special focus to ramp up software startups with allocation of Rs 500 cr.
100 cr set aside for development of Technology Development Fund.
#Budget2014; More IITs and IIMs
5 more IITs and 5 more IIMs to be set up. New IITs proposed in Jammu, Chhatisgarh, Goa, AP & Kerala .
Propose to set up 4 more AIIMS in AP, West Bengal, Vidharba and Purvanchal. Rs 500 crore to be allocated. The goal is to create an AIIMS in every state.
#Budget2014: Digital Industry
‘Digital India’ Programme across India to provide villages IT access. FM has announced Rs. 500 cr budget for digital India programme
National Rural Internet and Technology Mission; Rs. 500 crores allocated.
All govt departments and ministries to be integrated through e-platform by 31st December 2014.
Online and mobile advertising to attract service tax. Print advertising is exempted.
FDI in e-commerce without additional approvals [NextBigWhat : we still don’t know the exact details]
GST to be introduced soon, legislature process to be completed this year
No scrapping of retrospective tax
E-Visas to be allowed at 9 airports across India
National Industrial Corridor – HQ in Pune. Rs 100 crore has been allocated.
100 ‘Smart Cities’ – definitely a boost for cement, steel sectors!